Bitcoin breaks $100,000 again, Alipay fund page displays crypto assets advertisement causing heated discussion

Recently, the market has been turbulent, and after several sharp declines, Bitcoin has finally returned above 100,000 USD. The year-end market mainly focuses on the Federal Reserve's policy direction, but a piece of news regarding Alipay has attracted the industry's attention.

According to reports, some domestic users saw promotional advertisements for Crypto Assets funds on the homepage of a certain payment platform, stating "Global investment, Crypto Assets soaring, starting investment at 10 yuan, get on board immediately". After verification, the fund is Huabao Overseas Technology C (QDII-FOF-LOF), with a daily purchase limit of 1000 yuan per person.

Although not all users can see this advertisement, the promotion of Crypto Assets funds has indeed appeared on the platform's "Global Investment" interface. In addition to Hua Bao Overseas Technology C, there are similar products such as Guo Fu Global Technology Internet Mixed (QDII). This phenomenon quickly sparked heated discussions in the industry, with some speculating that it may signal a change in regulatory attitudes.

In-depth analysis reveals that both funds fall under the QDII (Qualified Domestic Institutional Investor) category. The QDII system has been implemented since 2006, allowing domestic institutions to invest in overseas capital markets under certain conditions. This provides domestic investors with a channel to indirectly participate in overseas market investments.

The Huabao Overseas Technology C, as a QDII-FOF-LOF fund, can not only invest in overseas funds but also trade on the exchange. According to its Q3 2024 report, the fund mainly allocates to technology stocks by investing in overseas technology-themed related funds (including ETFs).

In its portfolio, 73.11% is invested in ARK ETF, which includes Coinbase stock and Bitcoin ETF. Specifically, the fund has about 4.93% invested in Coinbase stock, 2.98% in Bitcoin ETF, totaling 7.92% related to Crypto Assets.

It is worth noting that the fund size of Huabao Overseas Technology C is only 406 million yuan, and the proportion of investment in Crypto Assets is not high. The daily purchase limit of 1000 yuan also reflects a cautious attitude. In contrast, the proportion of investment in Crypto Assets by Guofu Fund is even lower, as there are no significant blockchain-related companies in its disclosed holdings.

From the performance perspective, Hua Bao Overseas Technology C has seen a net value growth of 25.02% this year, exceeding the CSI 300 Index by 9 percentage points. However, compared to directly holding Bitcoin, its performance still lags, and it incurs additional management and custody fees.

Although this provides domestic investors with a compliant indirect investment channel for Crypto Assets, it cannot yet be considered a signal of comprehensive policy deregulation from a regulatory perspective. Since the beginning of this year, financial regulatory authorities in many regions have reiterated the need to prevent the risks associated with virtual currency transactions. Mainstream media's attitude towards Crypto Assets is also relatively cautious, emphasizing their potential risks.

Given our country's strict foreign exchange controls and protection of sovereign currency, a全面放开虚拟货币交易 seems unlikely in the short term. However, with the increasing global recognition of Crypto Assets, future policies may be adjusted.

Currently, this indirect investment method provides some investors with opportunities to access Crypto Assets. As regions like Hong Kong gradually open up virtual asset businesses, it is expected that more flexible investment channels suitable for Chinese investors will emerge in the future.